有西方媒体分析指出，美国目前主要从加拿大进口重油，但特朗普重返白宫后宣称要把加拿大变成 美国第51个州，导致两国关系紧张，特朗普政府有意摆脱对加拿大石油的依赖。 不过，西方媒体和专家普遍认为，特朗普攫取委内瑞拉石油资源的"算盘"面临诸多障碍。委内瑞拉 已探明石油储量约占全球已探明储量的17%，居世界首位，但近年来由于美国封锁等原因，其石油产能 已严重下降，重新提高产能需要大量的资金和时间。 特朗普3日在记者会上表示，将让美国那些规模庞大的石油公司"投入数十亿美元"，维修委内瑞拉 严重破败的石油基础设施，并开始为美国创造收益。然而，对于特朗普的这番"号召"，美国主要的石油 企业普遍持观望态度。美国战略与国际问题研究中心能源与地缘政治专家克莱顿·西格尔表示，委内瑞 拉石油黏稠度以及含硫量和含碳量高，属于"超重质石油"，开采难度大且能耗高，排放更多温室气体。 行业分析人士指出，企业进入委内瑞拉投资，需要考虑安全保障不足、基础设施年久失修、美国强行控 制马杜罗的行动是否合法、委政局前景等诸多问题。 从地下开采出来的未加工的石油称为原油，需要经过炼化才能成为汽油等可供使用的燃料和其他产 品。不同地区开采出来的原油存在区 ...

每经编辑｜何小桃 美国日前对委内瑞拉采取军事行动，强行控制委内瑞拉总统马杜罗及其夫人并移送出境，这一做法在全球引发广泛质疑和批评。 据CCTV国际时讯，当地时间1月5日，美国国会参议院民主党领袖查克·舒默质问特朗普政府下一个袭击目标是谁？是哥伦比亚、伊朗还是格陵兰岛？他批 评特朗普政府花费数十亿美元攻打委内瑞拉，但却对国内问题视而不见，没有美国人愿意再来一轮无休止的战争。 美国国会众议院民主党领袖哈基姆·杰弗里斯则表示，特朗普政府对委内瑞拉发起军事行动未经国会批准，他质疑特朗普政府连怎么管理美国都不懂，何 谈所谓"管理"委内瑞拉。 另外，当地时间1月5日，委内瑞拉总统马杜罗之子、国民议会议员尼古拉斯·马杜罗·格拉在代总统罗德里格斯的就职仪式上发表讲话。他对被美国强行控 制的马杜罗表示，"我们的国家现在很好"，并哽咽地说很快就能与父亲在委内瑞拉再次相拥。 他表示，美国即使绑架了总统马杜罗及夫人，也"无法绑架决心追求自由的委内瑞拉人民的良知"。 另外，据新京报报道，1月5日，美国战争部长赫格塞斯在弗吉尼亚州发表讲话时称，马杜罗直到美军抵达前3分钟才收到预警。赫格塞斯还称，马杜罗妻 子称"外面好像有飞机"，他们毫不 ...

不过，西方媒体和专家普遍认为，特朗普攫取委内瑞拉石油资源的"算盘"面临诸多障碍。委内瑞拉已探 明石油储量约占全球已探明储量的17%，居世界首位，但近年来由于美国封锁等原因，其石油产能已严 重下降，重新提高产能需要大量的资金和时间。 从地下开采出来的未加工的石油称为原油，需要经过炼化才能成为汽油等可供使用的燃料和其他产品。 不同地区开采出来的原油存在区别，根据原油密度等不同，可以分为轻质原油与重质原油。 重质原油中"杂质"较多，轻质原油中"杂质"较少。与轻油相比，重油的开采和炼化工艺流程及技术整体 上更为复杂。委内瑞拉生产的主要是重油，而美国国内开采的主要为轻油，无法轻易代替重油。 问题在于，美国现有大量石油炼化设施与其开采出来的轻油并不"兼容"。英国天空电视台报道指出，美 国的不少炼化设施位于墨西哥湾沿岸的得克萨斯州、路易斯安那州等地，原本就是为了配合炼化从委内 瑞拉等地进口的重油。由于调整设施需要大量投入，企业往往动力不足。另外，委内瑞拉的重油可用于 炼化柴油、沥青和其他重型设备燃料，其衍生产品种类比轻油更为丰富。这导致目前美国一方面大量出 口轻油，一方面依然大量进口重油炼化，以满足国内需求。 有西方媒体分 ...

企业产能利用率提升 供应端的持续宽松，进一步加剧了市场降温态势。数据显示，截至12月第三周，国内焦化企业周度产能利用率保持在73%以上， 较11月的低位相比提升了2%左右，煤焦油产出量平稳增长。虽然近期焦炭价格已历经两轮下调，但原料端成本下降带动焦企利润 增加，多数焦企生产速度暂未放缓，只是局部地区由于煤耗指标殆尽，开工率小幅下降。整体来看，国内焦企开工水平相对较为 稳定，短期内不会出现明显下降。 更值得关注的是，煤焦油行业集中度提升正放大市场供需变化的影响。平煤神马所属焦化企业一位经营负责人介绍，随着近些年 来煤焦油加氢技术的深度应用，煤焦油深加工企业已基本实现规模化、集中化，行业呈现"头部集中、中小企业差异化竞争"格 局。如宝武集团、信诺立兴集团、宝舜集团、山西焦化等龙头企业通过并购整合形成规模优势，单厂年产能普遍达30万吨以上， 部分企业形成年产950万吨的产能规模。 11月中旬以来，国内煤焦油(主要指高温煤焦油)市场经历了1个月的回暖阶段，至12月上旬触顶至成交价3460元(吨价，下同)，环 比涨幅达14%。然而，进入12月中旬后受下游产业链市场价格普降、企业产能利用率提升等因素影响，市场行情走软。截 ...

11月中旬以来，国内煤焦油（主要指高温煤焦油）市场经历了1个月的回暖阶段，至12月上旬触顶至成 交价3460元（吨价，下同），环比涨幅达14%。然而，进入12月中旬后受下游产业链市场价格普降、企 业产能利用率提升等因素影响，市场行情走软。截至12月19日，煤焦油主流成交价已跌至3300元左右， 周跌幅达4%，引发业内气氛由热变冷，短期下行压力持续显现。 "本轮由强转弱行情受多重因素导致，下游预期需求萎缩、焦企货源稳步增长与贸易商看空气氛形成共 振，引发贸易商快速释放库存并对企业压低竞拍报价，对后市的消极因素或进一步加大。"辽宁贸易商 陈强分析说。 下游产业链集体走弱 下游产业链集体走弱煤焦油市场的降温源于下游深加工产业链的集体走弱。据隆众资讯统计，12月第一 周开始，煤焦油深加工下游产品行情已呈现走弱趋势，第二周开始出现全面回落。截至12月18日，山东 市场炭黑、煤沥青、工业萘、蒽油、洗油、酚油、轻油成交价分别已至5800元、4150元、4050元、3350 元、3440元、3450元、3750元，周跌幅为1.7%、1.2%、1.22%、2.9%、1%、5.5%、1.3%，国内其他地 区也出现不同程度的下跌走 ...

Group 1 - The new president of the Liberal Democratic Party, Sanae Takaichi, has clarified the direction of "active fiscal" policy, emphasizing the need to lower gasoline taxes and support loss-making companies in raising employee salaries [2][4] - Takaichi reiterated her commitment to "responsible active fiscal" policies during her campaign, advocating for the early cancellation of the current gasoline tax rate of approximately 25 yen per liter and exploring increased subsidies for local governments to address rising prices [4][6] - Takaichi expressed a proactive attitude towards collaboration between the government and the Bank of Japan, indicating a preference for continued monetary easing to stimulate demand and manage inflation [6][8] Group 2 - The potential cancellation of both gasoline and light oil tax rates could result in a revenue loss of approximately 1.5 trillion yen annually, raising concerns about funding sources for proposed policies [6][8] - Takaichi's proposal to increase the basic deduction for income tax could further expand fiscal spending, leading to risks of market sell-offs if financial markets perceive a loosening of Japan's fiscal policy [6][8] - The need for cooperation with opposition parties to pass the supplementary budget and ensure the smooth passage of the 2026 budget is critical, as the current special public bond law will expire in 2025 [8]

Core Insights - Green Carbon Synthesis Energy (GCE) has completed nearly 100 million yuan in Pre-A financing, led by Rongtuo Capital, to support the construction of its first self-operated factory and daily operational cash flow [2] - GCE focuses on producing sustainable aviation fuel (SAF) from agricultural and urban waste using self-developed Fischer-Tropsch synthesis technology [2][8] - The company aims to achieve an annual SAF production capacity of several thousand tons upon the completion of its factory [11] Company Overview - GCE was established in July 2023, with a team comprising members from top international nano-catalysis laboratories and leading domestic energy enterprises [2] - The founder, Dr. Xiao Lifeng, has a background in advanced nano-catalysis research and aims to leverage this expertise in the SAF market [2][9] Technology and Production - GCE has validated its core technology for SAF production and is currently constructing its first self-operated factory [2][11] - The company has optimized traditional Fischer-Tropsch technology, achieving a production yield 1.5 to 2 times higher than competitors [10] - The factory's location in Inner Mongolia allows for the utilization of abundant agricultural waste, further reducing production costs [11] Market Context - The global SAF market is projected to reach around 100 billion yuan by 2025, with current demand outpacing supply [11] - GCE's technology is positioned to address the supply-demand gap in the SAF market, especially as China initiates SAF application trials [11] Investment Perspective - Investors view GCE as a key player in the SAF sector, with its innovative catalyst technology and cost-effective biomass synthesis solutions [13][14] - The company is expected to lead the SAF technology innovation and contribute to global carbon reduction goals [13][14]

Financial Performance - In 2024, the company achieved a revenue of ¥4,227,644,015.85, a decrease of 7.35% compared to the previous year [1] - The total profit for 2024 was ¥126,057,903.72, an increase of 12.88% year-on-year [1] - The net profit attributable to shareholders in 2024 was ¥111,390,280.13, up by 9.90% from the previous year [1] - In Q1 2025, the revenue was ¥870,437,590.77, down by 9.34% year-on-year [1] - The total profit for Q1 2025 was ¥34,911,439.31, a decrease of 6.16% compared to the same period last year [1] - The net profit attributable to shareholders in Q1 2025 was ¥29,663,303.94, also down by 6.16% year-on-year [1] Profit Distribution - For 2024, the company plans to distribute a cash dividend of ¥1.50 per 10 shares (including tax) to all shareholders, pending approval at the 2024 annual general meeting [2] Business Expansion Strategy - The company is expanding its coal chemical deep processing products into new materials, with a current capacity of 200,000 tons/year for modified asphalt [3] - The "2×100,000 tons/year anthracene oil deep processing project" and "500,000 tons/year coal tar deep processing project" have been approved, which will enhance the product line in the new materials sector [3] - The company aims to extend its carbon black products into high-end markets, with a project for special carbon black production of 70,000 tons/year [3] - A new 500,000 tons/year coal tar deep processing project has been approved, aiming to achieve a processing capacity of one million tons [3] Future Growth Drivers - The company’s convertible bonds "Yongdong Convertible 2" projects are expected to release capacity in 2025 [4] - Ongoing construction of a 500,000 tons/year coal tar deep processing project and a 40,000 tons/year carbon black production line [5] - The 2024 stock issuance project for specific targets aims to enhance the coal tar deep processing capacity and industry chain [5] Production and Sales Data - In 2024, carbon black production was 360,334.81 tons, with sales of 360,566.25 tons [6] - Modified asphalt production reached 183,846.24 tons, with sales of 184,683.32 tons [6] - Industrial naphthalene production was 80,356.75 tons, with sales of 79,724.98 tons [6] Circular Economy Advantages - The company focuses on the continuous extension and efficient utilization of the coal tar deep processing industry chain, aiming for high-quality carbon black and fine chemical products [8] - The integration of coal tar processing, carbon black production, waste gas power generation, and fine chemical new materials forms a sustainable circular industry model [8] - The strategy aims to enhance high-end carbon black varieties and extend the fine processing chain, increasing the variety of high-value-added products [8]